In the deal, Salt Lake City, Utah-based Varex said that it it paid approximately $69.7 million (EU €62.1 million) for approximately 97.4% of Stockholm-based Direct Conversion’s outstanding shares.
Varex added that it also assumed $2.9 million (EU €2.6 million) in the company’s direct net debt for a total acquisition price of approximately $72.6 million (EU €64.7 million)
Direct Conversion shareholders will also receive $11.2 million (EU €10 million) in deferred compensation on the first anniversary of the sale closing, Varex said in a press release.
The company said that the purchase was funded using $7 million in available cash and $64 million in debt under an existing credit facility. The acquisition was announced in March.
In February, Varex saw shares rise after it beat expectations on Wall Street with its fiscal year 2019 first quarter earnings.
At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos.
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